by Wolf Richter
Wolf Street
A scheme we call “consensual hallucination.”
Yesterday, we were bashing big pharmaceutical companies for jacking up prices of patent-protected drugs at obscene rates. Those double-digit price increases were largely responsible for the sales increases these companies reported. Drugs have become the largest wholesale category, at $54.3 billion in May, or 12.2% of total wholesales.
This boom is based on price increases at a great cost to US consumers and taxpayers.